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TDS filing is mandatory on buying immovable property over 50 lakhs, as described under Section 194/A of the Income Tax Act. This plan is specifically designed for property buyers who require expert assistance with filing TDS on their newly brought property.
(Up to 10 records)
TDS need to be deducted at a rate of 1% on the payment made to the property seller, which needs to be submitted to the government. This is applicable only when the property is immovable and is above the price of INR 50 lakhs. If the taxpayer delays the filing of his/her return, then it will attract a penalty.
In availing this plan we will provide timely end-to-end TDS filing to help you comply with TDS rules related to property transaction(s).
In cases of late or non-payment of TDS, an interest at a rate of 1% per month will be applicable from the period when the property was brought. If the buyer has deducted TDS amount from the seller but did not deposit it, then the interest rate will be 1.5% per month. Also, a late fee of INR 200/day will be applicable in case of TDS failure statement.
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